The Development Bank of Jamaica (DBJ) said Monday it is no position to determine whether the sale of major properties currently being negotiated will be concluded by yearend.

The exception is the Blood Bay hotel.

DBJ is negotiating a deal on behalf of Urban Development Corporation (UDC) to sell its stake to co-owner SuperClubs resort group.

DBJ Managing Director Milverton Reynolds says the sale is expected to close in December.

"The transaction is in negotiations, and the terms of the sale cannot be disclosed until Cabinet approves same," he said.

SuperClubs' vice-president of marketing and environmental affairs, Zein Issa-Nakash, similarly said the hotel group would comment publicly at the appropriate time.

"When any deal is final, you will get a release," Issa-Nakash said.

Negotiations have been ongoing since early April between SuperClubs and the UDC, whose 50 per cent stake in the hotel is held through the company Bloody Bay Hotel Development Limited. The sale is being handled by the DBJ's National Enterprise Team.

The 200-room resort sitting on 22 acres at Bloody Bay was once known as Grand Lido Negril.

In 2000, SuperClubs Chairman John Issa used Village Resorts to partner with the UDC to buy the property from a Finsac-controlled company called International Hotels.

Each paid half of the US$9 million for the stake in the property, beating out a similarly priced offer from Guardian Life, according to Finsac disclosures at the time.

Among the other big transactions under negotiation by the DBJ privatisation team is Runaway Bay Holdings Limited which includes the former Hedonism III hotel; and Wallenford Coffee estate. Those deals do not have projected closing dates, DBJ said.

"The receiver of RBDL is in negotiations with the preferred bidder and we are unable to comment at this time," said Reynolds.

"In relation to the privatisation of the Wallenford Coffee Company, the GOJ is still in negotiations with the preferred bidder. No further details, including timelines for conclusion of negotiations, can be provided at this time."

The preferred bidder for RBDL has not been disclosed, but Portland Holdings, owned by Michael Lee Chin, is in negotiations with the DBJ for the Government's largest coffee estate.

business@gleanerjm.com